Small Business Tax Deductions List

Home Office

• Home office deductionIf you work from home, you can deduct a portion of your home expenses.

Expenses

• Vehicle expensesDeduct either the standard mileage rate or actual expenses for business use.
• Business meals50% of business meal expenses can be deducted.
• Office suppliesItems like paper, pens, and printer ink are deductible.
• Professional servicesFees paid to accountants, consultants, and other professionals.

• Internet and phone billsDeduct a portion of your bill related to business use.
• Insurance premiumsBusiness insurance premiums can be deducted.
• Travel expensesExpenses incurred while traveling for business purposes.
• Equipment depreciationDeduct the depreciation of business equipment over its useful life.
• Rent or lease paymentsDeduct rent for office space or equipment leasing.
• Startup costsDeduct up to $5,000 in startup costs in your first year.
• Charitable contributionsDonations made to qualified charities can be deducted.
• Bad debtsDeduct debts that are uncollectible.
• Licenses and permitsFees for business licenses and permits are deductible.
• UtilitiesExpenses for electricity, water, and gas used for business.

Employee Costs

• Retirement plan contributionsContributions to retirement plans for yourself and employees.
• Employee wagesSalaries and wages paid to employees are deductible.
• Health insurance premiumsIf self-employed, you can deduct health insurance premiums.

Education & Marketing

• Marketing and advertising costsExpenses for promoting your business, including online ads.
• Continuing educationCourses and training related to your business are deductible.